The worst-ever Texas wildfire sent shares of Xcel Energy Inc. plunging after a law firm said it might be linked to the disaster, the latest sign that potential ties between power companies and blazes are triggering volatility in once-sleepy utility stocks.

The unnamed firm said Xcel may be responsible for damages and asked the company to preserve as evidence a fallen utility pole located near the fire’s potential area of origin, Xcel said in a regulatory filing Thursday. The company’s shares fell

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